Tag Archives: trouble

A Deficiency Judgment After Foreclosure

Are you having trouble paying your mortgage payments? Have you decided to surrender your home to the mortgage company through foreclosure? If so, you could be liable for thousands of dollars if the mortgage company pursues a deficiency judgment. Before you allow your home to go back to the bank through foreclosure, you need to take advantage of our free bankruptcy consultation to discuss how you can resolve your debt problem and avoid a deficiency judgment. What is a Deficiency Judgment? When your home is sold at a foreclosure sale, the proceeds from the sale will be paid to the mortgage company to satisfy the debt you owe on your home. A deficiency occurs when the sales price received at the foreclosure sale is not sufficient to pay the entire debt owed in full. The mortgage company has the right to request a deficiency judgment against you for the difference. For example, if you owe the mortgage company $100,000 but your home is sold at the foreclosure sale for $80,000, the mortgage